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Forex News: Pound Retreats Amid Risk Aversion

Pound Retreats Amid Risk Aversion

02/28/2025 - 14:54:00 (RTTNews)

(RTTNews) - The pound pulled back against its most major counterparts in the New York session on Friday, as risk sentiment dampened after a meeting between President Donald Trump and Ukrainian President Volodymyr Zelenskyy devolved into a shouting match.

The heated exchange came as Trump and Zelenskyy met to discuss a deal on Ukraine's critical rare earth minerals in exchange for continued aid.

The back-and-forth, which also involved Vice President JD Vance, became increasingly tense as the leaders discussed Trump's approach to the war between Russia and Ukraine.

Zelensky left the White House following the collapse of talks.

The pound touched a 9-day low of 1.2562 against the greenback. The currency is poised to challenge support around the 1.21 level.

The pound retreated to 189.06 against the yen, from an early 1-week high of 190.31. This may be compared to an early more than 2-week low of 187.68. The pound may face support around the 182.00 level.

The pound eased against the franc and was trading at 1.1351. This may be compared to an early 2-day low of 1.1310. The currency is likely to face support around the 1.11 level.

In contrast, the pound recovered against the euro and was trading at 0.8248. If the currency rises further, it is likely to find resistance around the 0.81 region.

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